eMagin Corp. Announces Closing of $2 Million Registered Direct Offering of Common Stock & Secures $2.0 Million Commitment for...
April 09 2019 - 3:30PM
Business Wire
eMagin Corporation, or the “Company” (NYSE
AMERICAN:EMAN), a leader in the development, design and
manufacture of Active Matrix OLED microdisplays for high resolution
imaging products, today announced the closing of its previously
announced registered direct offering of 4 million shares of its
common stock at a purchase price per share of $0.50, for gross
proceeds to the Company of approximately $2.0 million before
deducting placement agent fees and other offering expenses. The
Company also issued unregistered warrants to the investor to
purchase up to 3 million shares of common stock at an exercise
price of $0.78 per share. The warrants are exercisable six months
following issuance and will expire five and one-half years from the
issuance date.
Separately, eMagin announced today that it has a commitment from
an existing long-term investor for $2.0 million in the form of an
immediately exercisable pre-funded warrant for 4 million common
shares at $0.49 per share plus an exercise price of $0.01 per share
in a registered direct offering. Gross proceeds from this sale are
expected to be approximately $2.0 million before deducting
placement agent fees and other offering expenses. eMagin
Corporation also agreed to issue to the investor unregistered
warrants to purchase up to 3 million shares of common stock at an
exercise price of $0.78 per share. The unregistered warrants are
exercisable six months following issuance and will expire five and
one-half years from the issuance date.
The Company intends to use the net proceeds for working capital
and other general corporate purposes.
H.C. Wainwright & Co. is acting as the exclusive placement
agent for both offerings.
The shares of common stock and prefunded warrants (but not the
unregistered warrants or the shares of common stock underlying the
unregistered warrants) are being offered by the Company pursuant to
a "shelf" registration statement on Form S-3 (File No. 333-218838)
that was originally filed on June 20, 2017 and declared effective
by the Securities and Exchange Commission ("SEC") on July 11, 2017,
and the base prospectus contained therein. The offering of the
shares of common stock and pre-funded warrants is being made only
by means of a prospectus supplement that forms a part of the
registration statement. A final prospectus supplement and
accompanying base prospectus relating to the shares of common stock
being offered will be filed with the SEC. Copies of the final
prospectus supplement and accompanying base prospectus may be
obtained, when available, on the SEC's website
at http://www.sec.gov or by contacting H.C. Wainwright
& Co., LLC at 430 Park Avenue, 3rd Floor, New York, NY 10022,
by phone at 646-975-6996 or e-mail
at placements@hcwco.com.
The unregistered warrants described above are being offered in a
private placement pursuant to an applicable exemption from the
registration requirements of the Securities Act of 1933, as amended
(the “Act”), and, along with the common stock issuable upon their
exercise, have not been registered under the Act, and may not be
offered or sold in the United States absent registration with the
SEC or an applicable exemption from such registration
requirements.
This press release shall not constitute an offer to sell, or the
solicitation of an offer to buy any of the securities described
herein, nor shall there be any sale of these securities in any
state or jurisdiction in which such an offer, solicitation or sale
would be unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction.
About eMagin Corporation
A leader in OLED microdisplay technology, OLED microdisplay
manufacturing know-how and mobile display systems, eMagin
manufactures high-resolution OLED microdisplays and integrates them
with magnifying optics to deliver virtual images comparable to
large-screen computer and television displays in portable,
low-power, lightweight personal displays. eMagin’s microdisplays
provide near-eye imagery in a variety of products from military,
industrial, medical and consumer OEMs. More information about
eMagin is available at www.emagin.com.
Forward-Looking Statements
This press release contains “forward-looking statements” within
the meaning of the Private Securities Litigation Reform Act of 1995
that involve significant risks and uncertainties about eMagin,
including but not limited to statements with respect to eMagin’s
consummation of its registered direct offering of common stock and
warrants. eMagin may use words such as “expect,” “anticipate,”
“project,” “intend,” “plan,” “aim,” “believe,” “seek,” “ estimate,”
“can,” “focus,” “will,” and “may” and similar expressions to
identify such forward-looking statements. Among the important
factors that could cause actual results to differ materially from
those indicated by such forward-looking statements are risks
relating to, among other things, whether or not eMagin will be able
to raise capital, the final terms of the registered direct offering
of common stock and warrants, market and other conditions, the
satisfaction of customary closing conditions related to the
registered direct offering of common stock and warrants, eMagin’s
business and financial condition, and the impact of general
economic, industry or political conditions in the United States or
internationally. For additional disclosure regarding these and
other risks faced by eMagin, see disclosures contained in eMagin’s
public filings with the SEC, including the “Risk Factors” in the
company’s Annual Report on Form 10-K for the year ended December
31, 2018, and under the heading “Risk Factors” of the prospectus
supplements for this offering. You should consider these factors in
evaluating the forward-looking statements included in this press
release and not place undue reliance on such statements. The
forward-looking statements are made as of the date hereof, and
eMagin undertakes no obligation to update such statements as a
result of new information.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190409005970/en/
eMagin CorporationJeffrey Lucas, President & Chief Financial
Officer845-838-7900jlucas@emagin.comAffinity Growth AdvisorsBetsy
Brod212-661-2231betsy.brod@affinitygrowth.com
eMagin (AMEX:EMAN)
Historical Stock Chart
From Mar 2024 to Apr 2024
eMagin (AMEX:EMAN)
Historical Stock Chart
From Apr 2023 to Apr 2024